As deductibles and coinsurance amounts continue to rise, so has uncollected patient financial responsibility, leading to a significant increase in accounts placed in Bad Debt and ultimately the decrease in cash and an increase in AR days. The reality is, consumers today are much more empowered and informed and expect a seamless consumer experience, where electronic payments can be made easily in the comfort of their home from a computer or mobile device. Industry experts suggest that greater payment options within healthcare organizations lead to a positive payment outcome and an increase in cash flow.
Up-Front cash collection strategies offer many benefits such as reducing accounts receivable, reducing billing and back-end collection costs, decreasing administrative burdens of tracking bad debt, and increasing cash flow. Many patients, however, cannot afford to pay the up-front out-of-pocket expenses for themselves or their families. Additionally, many patients who have received an emergency procedure could most likely be facing a challenging financial situation. Most healthcare organizations have RCM technology to identify patients that may qualify for financial assistance, but they still lack a patient payment solution in place to improve cash, recognize revenue and reduce accounts receivable without adding default risk.
In the age of healthcare consumerism, cost, quality, and convenience are key metrics that drive patient satisfaction resulting in improved financial performance. Patients are increasingly looking for price transparency, estimates and the availability of payment options. Patients are not only seeking quality care but also a streamlined financial experience. Just as consumers have become accustomed to online retail-like shopping convenience, they are looking for healthcare financial convenience. So how are health systems able to satisfy the patient while still increasing cash flow and staying financially stable? It starts with Curae™.
By leveraging the flexibility of Curae’s propriety technology platform, healthcare providers are provided with non-recourse funding within 24-48 hours. Health systems are now able to offer a unique patient-friendly financing solution tailored to meet their revenue cycle objectives that can reduce accounts receivable, bad debt, and the cost of collection. With a significant increase in accounts that are “paid-in-full” through Curae™, health systems are finding balance with increasing patient responsibility challenges.
Consider leveraging Curae™ to help patients meet their out-of-pocket expenses and increase cash flow with our simple, flexible, and efficient solution?
Simple: The paper-less process takes less than 2 minutes and does not impact your credit score.
Flexible: Customized solutions to meet your RCM objectives.
Efficient: Instantly process a transaction and get funds with 24-48 hours with no recourse.
Address the challenges of collecting self-pay responsibility by utilizing Curae™ and create an ideal patient-centric financial experience that is right for your organization. Get back to what matters most in healthcare….” taking care of patients.”
Partner with Curae™ to help with your RCM financial challenges. To find out if Curae™ is right for your organization or to learn more about Curae™, contact us here.